Dubai – Edinburgh Business School (EBS) at Heriot-Watt University in Dubai - UAE, has signed a Memorandum of Understanding (MoU) with the MENA Fintech Association (MFTA) to collaborate on a vast range of initiatives and programs related to fintech and sustainability. The collaboration between the university and the fintech industry will help increase engagement among students and executives, drive innovation, accelerate the adoption of new technologies, and prepare the next generation of fintech and sustainability professionals.

Awarded 'Best University' by Forbes Middle East and ranked five stars by the Knowledge and Human Development Authority (KHDA), the digital-friendly campus is a satellite of the UK's Heriot-Watt University which carries over 180 years of world-renowned education with specialized programs ranging from management, engineering, built environment, to food science, which will now be extended to fintech and sustainability subjects.

The MENA Fintech Association (MFTA) – ranked among the leading fintech bodies globally, is an inclusive, not-for-profit association that fosters an open dialogue for the MENA Fintech community, shaping the future of financial services in the region. It is dedicated to promoting and supporting the growth of the fintech industry in the MENA region. The association is organized across several committees, from open banking, payments, sustainability, and regulation, where the brightest minds of the industry come together to study critical industry matters and engage with peers and authorities.

This agreement aligns with EBS' vision to expand its partnership with the fintech industry to leverage the ideas and resources accessible to both parties and to enhance students' learning experience. The MoU calls for collaboration and partnership in a broad variety of areas, including:

  • The exchange of knowledge and expertise
  • The development and delivery of educational programs in fintech and sustainable finance
  • Joint research projects
  • Seminars and conferences
  • Students' internships and mentorships with MENA Fintech members

This MoU comes at critical times where the fintech industry is taking off in the Middle East, a region aspiring to be at the forefront of innovation, including in fintech and sustainability. A recent study by Saudi Arabian technology venture capital fund STV predicts that MENA will see 45 unicorns worth over USD 100 billion by 2030 creating a pool of new jobs in the region. On the sustainability front, the United Arab Emirates will host the UN Climate Change Conference COP 28, with organizations accelerating their efforts to drive environment-friendly, and inclusive workplaces and cities. Among them, Fintechs that distinguish for their potential to create a more sustainable world by promoting financial inclusion, green finance, digital payments, blockchain, and data intelligence.

This MoU was signed today in the presence of University Officials and MENA Fintech representatives who shared their views on this partnership.

  • Ronit Ghose, Future of Finance Chair, MENA Fintech Association
  • Dr Jelena Janjusevic, Associate professor for Finance and Academic Head of Accountancy, Economic and Finance (Dubai), EBS
  • Nameer Khan, Chairman, MENA Fintech Association
  • Dr Rofayda ElHout, Assistant Professor of Accounting and Finance and Program Director of MSc International Accounting and Finance (Dubai), EBS
  • Dr. Mercedes Sheen, Interim Head of School of Social Sciences (Dubai), EBS
  • Nadia Benaissa, Co-Chair Payments Committee (SHIFT) & Member of the Sustainability Group (SFA), MENA Fintech Association
  • Akshay Chopra, Advisory Board Member, MENA Fintech Association

Dr. Jelena Janjusevic, Associate Professor for Finance and Academic Head of Accountancy, Economic and Finance (Dubai), EBS, commented: “The Memorandum of Understanding (MoU) signed between our institution and MFTA represents a milestone in our commitment to providing students with a comprehensive education that meets the demands of today's fast-paced and ever-evolving financial landscape. This partnership offers our students a one-of-a-kind opportunity to acquire hands-on experience in fintech, sustainable finance, and other current business trends, as well as to learn from the field's foremost experts.”

Nameer Khan, Chairman, MFTA, concluded: “The fintech ecosystem would not be complete without a learning chapter. Education has drastically changed over the years, and with the growing importance of fintechs in our economy and their role in sustainability, it is essential to share real-life cases and the most recent best practices. We take pride today in fostering mutual engagements among fintech leaders, executives, and students. We are convinced that this partnership will unlock a host of opportunities to ideate, co-innovate, and create jobs in an industry that constantly needs new talents.”

Quotes and views from ESB and MFTA representative

Dr. Rofayda ElHout, Assistant Professor of Accounting and Finance and Program Director of MSc International Accounting and Finance (Dubai), EBS, added, "We are looking forward to this collaboration as it contributes to bridging the gap between academia and industry. This partnership empowers our students with the skills and knowledge necessary to excel in the competitive world of finance. MFTA is known for fostering innovation and supporting entrepreneurial projects, which is highly linked to our students who will be able to leverage cutting-edge technologies and obtain valuable insights from industry leaders.”

Dr. Mercedes Sheen, Interim Head of School of Social Sciences (Dubai), EBS, further commented, “The Middle East has the reputation of creating forward-looking technology and adopting these at a faster rate than any other region. This is why it is important for our students to better understand how AI, cybersecurity, blockchain, financial inclusion, lending, digital payments, and the internet of things are put into practice with sustainability embedded at their core. I am thrilled that this shift in education mindset and collective wisdom will be driven by our campus together with the MENA Fintech Association.”

Ronit Ghose, Future of Finance Chair, MFTA, added: “By partnering with EBS at Heriot Watt University, we are paving the way for a more sustainable and innovative future in the Middle East. Through our joint efforts, we aim to empower students with the knowledge and skills needed to excel in the ever-evolving fintech industry while promoting sustainability as a core principle. We are excited to embark on this journey together and to create a brighter future for the region.”

Akshay Chopra, Advisory Board Member, MFTA further commented: “The fintech leaders of MFTA are enthusiastic about contributing to the community by imparting their expertise at university events and by providing close mentorship to students aspiring to become entrepreneurs or join the region's leading or emerging fintech companies. The reverse effect is anticipated as the process of innovating stems from a culture of open discussion, questioning, and experimentation with the world around us. Many successful startups, including Facebook, Microsoft, Google, Snapchat, Dell, and Dropbox, were founded by students during or immediately after attending university. We eagerly await the unfolding of our Middle Eastern success story in fintech to join the list.”

Nadia Benaissa, Co-Chair Payments Committee, MFTA added: “MENA Fintech members have the ambition to empower students with the latest knowledge and skills in sustainable fintech and prepare them to be future leaders in the rapidly evolving financial landscape. This partnership represents a significant step towards promoting a culture of innovation, collaboration, and social responsibility, and we are excited to witness the positive impact it will have on students and the wider community.”

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